MedTech & Diagnostics Industries - Is there a common denominator shared by the large majority of products/ services?
by Monica Bach, Senior Consultant, International Market Development
Strongly supported by innovation and new technologies, medical devices and diagnostics have become one of the biggest industries in healthcare today.
According to the Statistics Portal and Allied Market Research respectively the MedTech global market size stands currently at some 400 billion US dollars, while the global IVD market accounted for 61,2013 million US dollars in 2016.
Looking back at the multitude of products/ services researched, a common denominator, however emerges, despite the highly differentiated requirements each and every product or service addresses.
Are there similarities which tie such differentiated industries together?
As our clients strive for technologies, offering greater precision, increased user-friendliness and faster approaches to improve resource utilization, the end-users are increasingly looking to business models and data charting the initial expenditure and return on investment for decision-making. Key demands repeatedly emerging across many different product/ service categories include data on maintenance costs and service/ technical support to determine the viability of a new product/ therapy approach. Minimizing the need for re-do steps/procedures through reliable support and training is an additional marker decision-makers believe will maximize the return on investment.
What is this continuous talk about having “peace of mind” in healthcare?
It all falls back on risk assessment which is a key driver in decision-making. Hospitals and medical care givers strongly advocate the importance of “peace of mind” through all processes. In the end, it is the reliability of both product and service, combined with solid training/ experience which minimizes errors, guarantees safety to deliver on one of the most important requirements in the provision of healthcare – peace of mind.
Over the past few years, Psyma’s dedication in supporting clients find the ultimate positioning for their products/ therapy approaches extends into many wide-ranging areas as shown in the table below.
Whatever the stage of development is, market intelligence can benefit and support product advancement, i.e.
- Pricing or
- RMMs/REMS requirements for regulatory bodies
Our continuous research in these areas has made us one of the preferred suppliers for MedTech/ Diagnostics market research in the industry.
Please feel free to reach out to us for an initial discussion of options available for your current product development.